Forensic Audit

Forensic Audit

A forensic audit entails a thorough analysis of records and documents to gather and extract proof of a crime or fraud that can be used in court or during legal proceedings. If we use the term “forensic” in its broadest sense, it refers to the use of scientific procedures and methods in the course of an investigation. Compared to forensic accounting, forensic auditing is very different.

Forensic accounting is similar to a fraud investigation in which employees, vendors, and customers commit fraud against the business. In contrast, forensic auditing is necessary when there is fraud or other criminal activity in the business. This could entail fraud committed directly by partners, owners, managers, or shareholders.

The Best Forensic Audit services in Bahrain typically focus on financial fraud. It necessitates the highest level of expertise and understanding in the field of accounting and auditing from a Top Forensic Audit firm in Bahrain. Forensic audits are requested by outside parties to collect proof through the Best Forensic Audit services in Bahrain. For instance, banks may request forensic audits of non-performing assets or accounts where funds are not being used by borrowers for the intended purpose.

Who Initiates a Forensic Audit?
Generally, it is ordered by Stakeholders, Banks, Regulatory Authorities, Financial Institutions, Court. A Top Forensic Audit firm in Bahrain confirms and evaluates the fraud with concrete evidence and documents.

Steps while conducting a Forensic Audit

The steps or process involved while conducting a Forensic Audit will be similar to that of a normal Financial Audit with one additional and important step of representation or appearance in the Court of Law or Legal Proceeding. The evidence gathered would need to be presented in the Court of Law. Largely the steps in Forensic Auditing are:

  • Planning the Audit Investigation

    1.Detailed and proper planning to attain the objectives of Investigation.
    2.Methods and techniques for structuring.
    3.The period during which the fraud has occurred to be identified.
    4.Quantification of financial loss suffered.
    5.Identifying controls & system gaps for the cause of fraud

  • Collecting Evidence

    1.Evidence gathered by the investigation team must provide the fraudster identity.
    2.Evidence should be arranged in sequential order making it easy for the court to understand
    3.It should help in revealing the details of fraud and corresponding financial loss.
    4.Evidence should be concrete and should not be altered or modified.
    5Evidence should be preserved and kept safe from any possible damage or attack

  • Reporting

    1.Report should clearly mention the investigation scope.
    2.Complete details on the identified fraud.
    3.Detailed summary of evidence collected.
    4.Flow/explanation on how the Fraud was planned and perpetrated
    5.Recommendations & suggestions to avoid such frauds

  • Presentation in Court of Law

    1.Forensic Auditor must present to Court the evidence collected and provide the explanation on how suspects were identified.
    2.To explain complex accounting matters in a simplified approach.
    3.Provide all the required support by Court on the investigation done.

How GSPU can help

Examines books of accounts by standard
auditing procedures

Our auditor expresses his/her opinion on whether the
accounts have been properly maintained and whether
they have met all auditing requirements.

Analyze social media strategy on various platforms,
as well as competitors

We analyze lead generation from social media driving traffic
to your website and analyze the engagement on your
social platforms.

Ensures that the company's risk-reduction

We create risk assessment systems for global, financial,
general, economic, political, industry, and company-
specific hazards.

Assists in Future Planning

Businesses will be better prepared to face official tax audits
if they have all of the relevant material produced by us and
avoid errors caused by hurry at the last minute.

Inquires company entity's financial, legal, &
other statutory compliances

We examine a business entity before entering into a contract
or other agreement that calls for a certain standard of care.

Assists the organization in the prevention of fraud

Based on our analysis of the company's questionable financial
and operational records, we produce a fraud investigation report.

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